I recently received a bill from Capitol I
I recently had a bill from CAPITOL I a credit card that I had for many years, back in the day when that was the only card I could get and they were pretty much nobodies. Over the years, I used it, even got another one with a cute little "Mystery Writers" picture on the front. They seemed high for the time but nothing like now.
I maintained the card for many years, eventually paying it off and then charging it up again an like it was an old friend, so to speak. My mistake.
A few months ago, I received my bill and my interest rate went from a whopping 13% to a real whopping 30%. No apparent reason, I asked what the deal was and they said there was no reason, really, they just need to do that. I closed the account refusing to pay that interest rate and set back to pay it off month by month. $3800. Well good fortune came my way in the form of a relative willing to loan me some money and I paid off this bill in full last month.
The FIRST contact that I had from them was today in the form of an interest payment for 38.00 dollars. At first, I was furious, but I put it down and thought I'd wait until a better day to call and then it became an obsession. I picked up the phone and dialed, reached India, first and spoke to some people that couldn't do a thing for me. I demanded that I speak to Americans, in America and the closest I got was Canada, but he claimed he was right outside of Bangor, Maine the Canadian Side. he assured me that there was nothing he could do about it because there was something in my contract, somewhere from 1974 that said that I had to pay that 38 bucks and SORRY. I heard my own voice screaming at this man who refused to give me his last name, even though he had all the information he needed about me including my social security number, address, and every former address and job that I had in the last 30 years.
There is something very wrong here. Not just about the 38.00 or the information or the fact that they are unscrupulous. Didn't we bail these assholes out with our money? Stupid me, I thought that it might mean something other than proving the American taxpayer to be a supreme idiot begging for more abuse. Here, read this. Does anyone care?
One less contentious definition of the term is "the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against."[2] Other types of lending sometimes also referred to as predatory include payday loans, credit cards or other forms of consumer debt, and overdraft loans, when the interest rates are considered unreasonably high.[3] Although predatory lenders are most likely to target the less educated, racial minorities and the elderly, victims of predatory lending are represented across all demographics.[4][5] Wickepedia
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